Developing a Mission Statement - PowerPoint Presentation

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Developing a Mission StatementTransfer the Farm Education SeriesDelaware Ag Week

Laurie Wolinski

University of Delaware Cooperative Extension

January 11, 2017

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Thank You

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Mission Statements

The Human (and Legal) sides of Farm and Family Risk Management

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Today’s Agenda

Review typical parts of a business plan

Concentrate on mission statements

Additional Resources

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Why have a Business Plan?Helps you set specific objectivesAllows you to share your ideas, plans and action items with family and employees

Helps in decision making (new rentals, new employees, capital purchases)

Share with lenders – requesting a loan

Know the value of your business

Strategy for growing your businessStrategy for transitioning your business

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You’ve got to be very careful if you don’t know where you’re going,

because

you might not get there.

–

Yogi Berra

Do you know where your business will take you?

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Caring for a Business Plan?A good business plan is not a static document, it is a living document.

As

such it needs to be

nurtured.

If you have a written business plan, take it out and review it.

Have your goals and objectives changed?What about your strategy, have you adapted your strategy to fit today’s reality?

If

you haven’t put a plan

on paper

…

maybe now is the time to get started!

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Think about business planning as a two-stage processStage One: Writing or Creating a business plan

Should involve others

Serve as a promotional document

Be honest, not overly optimistic

Tell your story – address relevant issues

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Two Stage Process…Stage Two: Implementing the business planIncludes steps required to implementA timeline or milestones

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Typical Plan:Executive SummaryMission Statement, Goals, Plan Summary, Capital RequestBusiness Description

Overview, Location, Facilities, Business History

Operations

Products, Services, Inventory, Risk Management

Marketing PlanMarket Trends, Contracts, Pricing, Comp. AdvantageManagement & Organizations

Personnel Plan, Professional ServicesFinancial PlanHistorical Performance, Asset Management, Benchmarks, Capital Request

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Executive Summary: Mission StatementDefines your business. Is independent of time, space, people,

or

situation.

Is

short and simple – one sentence is best. Anchors the central principles in your life

.Is action oriented. Is simple to live, yet is a life-long journey that is never finished.

P

rojects

confidence and gives you energy.

It is not a VISION Statement.

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Is it achievable?For you and for your employees, alike.If your

company really expects

your

employees to “live”

its mission, then you need to create a mission statement which you and

your employees can ACTUALLY achieve.

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Farming looks mighty easy when your plow is a pencil and you're a thousand miles from the corn field.

-

Dwight D. Eisenhower

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Organizing your Thoughts for your Mission StatementWhat would you like your company to be known for in the future?

Companies typically have an internal and external purpose?

To whom do you want the mission statement to communicate?

Begin with a story about your farm

…

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Organizing your thoughts for your Mission Statement

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Thoughts for Mission StatementsAction wordsExpression of value to customer

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Example Mission StatementThe mission of MLF is to provide quality instruction while maintaining the highest standard of safety and well-being for both the horse and rider.  We offer a friendly, relaxed atmosphere providing a tranquil environment for harmony between horse and rider.  We will work with any breed of horse and any level of rider to develop the best partnership plus we have the unique ability to cater to youth and adult riders alike.  

 

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Example Mission StatementThe mission of MLF is to provide

quality

instruction

while maintaining the highest standard of safety and well-being for both the horse and rider. 

We offer a friendly, relaxed atmosphere providing a tranquil environment for harmony between horse and rider. 

We will work with any breed of horse and any level of rider to develop the best partnership plus we have the unique ability to cater to youth and adult riders alike.   

Action Word

Values

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Example Mission StatementIt is our mission at Snowdrift Farm to cultivate an organic community that encourages the creation and use of handcrafted soaps and body care products, and other handmade and small batch products. We strive to operate our Company honorably, with creativity and profitably, and with the utmost respect for those our products and services touch.

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Example Mission StatementIt is our mission at Snowdrift Farm to cultivate an organic community that encourages the creation and use of handcrafted soaps and body care products, and other handmade and small batch products.

We

strive to operate our Company honorably, with creativity and profitably, and with the utmost respect for those our products and services touch.

Action Word

Values

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Example Mission StatementOur mission is to provide a better life for everyone involved in Valley Farms. We seek to maximize returns and create value for those involved while at the same time be good neighbors in our community.

Internal

External

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Example Mission Statement

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Example Mission StatementGoogle’s mission is to organize the world’s information and make it universally accessible and useful.

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Example Mission StatementsNike: "To bring inspiration and innovation to every athlete in the world."Starbucks

: "To inspire and nurture the human spirit — one person, one cup and one neighborhood at a time."

Chevron: 

"To be the global energy company most admired for its people, partnership and performance."

Amazon: "To be the most customer-centric company in the world, where people can find and discover anything they want to buy online."Intel: "Delight our customers, employees and shareholders by relentlessly delivering the platform and technology advancements that become essential to the way we work and live."

eBay: "Provide a global trading platform where practically anyone can trade practically anything.”- See more at: http://

www.businessnewsdaily.com

/3783-mission-statement.html#sthash.A7zclnlQ.dpuf

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One more thought about a Mission StatementDo

you run your company

?

Do not

outsource the writing of your mission statement…it completely defeats the purpose

.

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ExerciseDeveloping a mission statement

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Resources

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SARE

Downloadable by going to:

http://www.sare.org/Learning-Center/Archives/SARE-en-Espanol/Building-a-Sustainable-

Business

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https://www.agplan.umn.edu/

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AgPlan is powerful website developed to help rural businesses develop a business plan. AgPlan is free of charge for anyone to use individually or in educational programs.

https://www.agplan.umn.edu

/

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IFSaMInterpreting Financial Statements and MeasuresBalance Sheet

Income Statement

Statement of Owners Equity

Statement of Cash Flow

Ratio of MeasuresLiquidity MeasuresSolvency MeasuresProfitability Measures….and more

http://ifsam.cffm.umn.edu/

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More Resources: The Farm

Whisperer

Inspired

Questions for Farmers

App

By David Specht

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http://www.inspired-questions.com/

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Completing the Evaluation helps us to provide programs that help you manage your risk!

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Questions?Thank you for attending and participating!Laurie WolinskiLgw@udel.edu

302-831-2538

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In the words of Walt Disney:The way to get started is to quit talking and begin doing

.

-

Walt Disney